Mumbai and Pune’s luxury real estate market is thriving, with growing demand for homes offering long-term value and sustainability. Both cities are witnessing a transformation towards properties that harmoniously combine urban living with extensive amenities, attracting buyers who prioritize comfort and meaningful living, says Vishal Jumani, Joint Managing Director, Supreme Universal.
In an exclusive interview with Sanjeev Sinha, Mr Jumani shares his insights on the growing demand for upscale properties in Mumbai and Pune, highlighting the key factors driving this trend. Excerpts:
What factors are contributing to the increasing demand for luxury real estate in cities like Pune and Mumbai?
The luxury real estate sector in India has grown significantly, driven by economic expansion, rising disposable incomes, and changing buyer preferences.In cities like Mumbai and Pune, the demand for upscale properties is on the rise as buyers seek residences that provide comfort, exclusivity, and a prestigious lifestyle. In Mumbai, the luxury real estate sector is anticipated to witness a 6.5% rise in property prices by 2025, driven by high-net-worth individuals (HNIs) in search of homes that reflect their affluent lifestyles. The increasing demand for ultra-luxury residences in prime locations, coupled with the city’s robust infrastructure advancements, continues to propel this upward trajectory.
Similarly, Pune’s luxury market is experiencing notable expansion, with an impressive annual growth rate of 15%. Prominent areas such as Koregaon Park, Kalyani Nagar, and Baner-Balewadi are witnessing significant price surges, fueled by a preference for well-connected neighborhoods that offer top-tier amenities and proximity to business districts and technology parks. Consequently, these cities are becoming attractive destinations for buyers in pursuit of homes that embody prestige and convenience, positioning luxury real estate markets as prime investment opportunities.
Also Read: SIP vs Government Schemes: Where should you invest for a stress-free retirement?
What impact has the pandemic had on the priorities of luxury homebuyers in these cities?
The pandemic has reshaped homebuyer preferences, driving demand for properties that offer a harmonious blend of workspace, lifestyle amenities, and upscale living experiences. Remote work has become integral to modern life, driving demand for homes that support a healthy work-life balance. Today, homebuyers prioritise properties featuring spacious interiors, dedicated workspaces, and serene outdoor areas, redefining urban living.
Additionally, there is a growing preference for properties emphasising health and well-being,
» Read More
